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Egypt central bank says interest rate to remain unchanged

Policy committee decides no change to lending rates is necessary after recent inflation and reserve requirement news

Ahram Online, Thursday 22 Mar 2012
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Egypt's central bank decided to keep interest rates unchanged on Thursday following a mild rise in inflation in February and a recent cut in reserve requirements intended to spark growth.

The Monetary Policy Committee kept its lending rate at 10.25 per cent and its deposit rate at 9.25 per cent after Thursday's meeting, according to a statement on the central bank's website. The discount rate also remained unchaged at 9.5 per cent.
 
Egypt's urban consumer price inflation climbed to an annual 9.2 per cent in February, from 8.6 per cent the previous month.
 
The central bank cut its reserve requirement on local currency deposits from 14 to 12 per cent on Tuesday. Analysts said the move would free up funds sitting idle at the central bank and supply banks with more cash for lending to government and business.
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